Tax Breaks/Oil Companies/Boehner

Page 2 of Originally Posted by woodsrider Good post JA. Lots os folks like to blame oil companies but they aren't setting the price. Yet our gas prices are highe... 20 comments | 575 Views | Go to page 1 →

  1. #16

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    Quote Originally Posted by woodsrider View Post
    Good post JA. Lots os folks like to blame oil companies but they aren't setting the price.
    Yet our gas prices are higher at $112/barrel than they were when it was $145/barrel. I am interested in seeing the PROFITS (not earnings, we know the earnings will be high) as oil companies announce their Q1 results over the next week or so.
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  2. #17
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    I thought this would fit nicely in this thread. From Exxon's website...

    http://www.exxonmobilperspectives.co...o-think-about/

    ExxonMobil is one of the largest taxpayers in the United States
    Last year, our total taxes and duties to the U.S. government topped $9.8 billion, which includes an income tax expense of $1.6 billion. Over the past five years, we incurred a total U.S. tax expense of almost $59 billion, which is $18 billion more than we earned in the United States during the same period. Critics often try to ignore these facts by saying the oil and gas industry receives “subsidies.” But what they really mean is that they want to increase our taxes by taking away long-standing deductions for our industry while leaving these same deductions in place for other sectors of the economy.

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    Quote Originally Posted by Voice of Reason View Post
    Yet our gas prices are higher at $112/barrel than they were when it was $145/barrel. I am interested in seeing the PROFITS (not earnings, we know the earnings will be high) as oil companies announce their Q1 results over the next week or so.
    Also from Exxon's site...

    Less than 3 percent of ExxonMobil’s earnings are from U.S. gasoline sales
    ExxonMobil’s earnings are from operations in more than 100 countries around the world. The part of the business that refines and sells gasoline and diesel in the United States represents less than 3 percent – or 3 cents on the dollar – of our total earnings. For every gallon of gasoline, diesel or finished products we manufactured and sold in the United States in the last three months of 2010, we earned a little more than 2 cents per gallon. That’s not a typo. Two cents.

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    Quote Originally Posted by Voice of Reason View Post
    Yet our gas prices are higher at $112/barrel than they were when it was $145/barrel. I am interested in seeing the PROFITS (not earnings, we know the earnings will be high) as oil companies announce their Q1 results over the next week or so.
    Again, the oil companies aren't setting the price. Do you get mad at your Jewler because gold is at record highs?

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    Quote Originally Posted by woodsrider View Post
    Again, the oil companies aren't setting the price. Do you get mad at your Jewler because gold is at record highs?
    Yes, I understand they don't set the oil price but they control the price at the pump.

  6. #21
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    Quote Originally Posted by Voice of Reason View Post
    Yes, I understand they don't set the oil price but they control the price at the pump.
    Look at the link I posted or even the part I quoted. Gas sales make up 3% of their revenue. They make .02 per gallon profit on gas.

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